Kobo Auctions are our spin on the popular penny auctions found in other parts of the world. They take place online and provide a fun and gamified way for bidders to participate in auctions. These types of auctions are not the traditional kind you’re probably more familiar with where a base price is set for an item, and interested parties try to outbid others to win it by randomly increasing the price value in the “going once, going twice… sold” format.
The difference with kobo auctions is that, for one, there is no baseline cost for items that are put up for auctions. You - the bidder - are in control of determining what the baseline cost for every item is with your bids. And, guess what? With kobo auctions, the starting price for every item is ONE kobo. At the end of the auction, the winner pays the final amount of the item at the time which is the accumulated figure of all the kobo bids placed on it. Neat, right?
We’ve created the table below to quickly show you other differences between kobo auctions and typical auctions, using eBay as an example.
|Type of Auction||Kobo/penny auction||Traditional auction|
|Time limited auctions||Yes||Yes|
|Time extended by bids||Yes||No|
|Item starting price||N0.00||Set by seller|
|Price increment||Per kobo||Per bid amount|
|Item condition||Brand new only||New and used|
|Type of sellers||Authorised dealers only||Manufacturers, retailers and individuals|
|Pay to bid||Yes||No|